Boca Raton-based Modernizing Medicine was founded in 2010 by serial tech entrepreneur, Dan Cane and a visionary dermatologist, Michael Sherling. They were disgruntled with the state of technology in the healthcare field. They realized that basic technology phenomenon such as cloud computing, touchscreen capabilities, personalization, and adaptive learning had not reached the healthcare sector. The two decided to set up a company that would introduce some of these “disruptive” technologies in the space. They began by building a system for clinical documentation in the surgical specialty market. They wanted to customize their technological capabilities to the fields of medicine. Hence, instead of focusing on general practice, they built products for specialists such as dermatology. They went on to build a cloud-based, specialty-focused, adaptive learning and a touch-based system on the iPad.

Modernizing Medicine may have started with dermatology, but it has diversified into several other medical specialties since. Their products cater to ophthalmology, orthopedics, otolaryngology, plastic surgery, gastroenterology, urology, and rheumatology. The application is accessible across multiple platforms including the native iPad and a web-enabled Mac or PC.

Modernizing Medicine’s Financials

Besides being efficient, Modernizing Medicine is also a more economical option for physicians. Since its system is cloud-based, the company operates on a monthly subscription model. Its latest pricing models are not known, but when I spoke with Dan a few years ago, he had talked about a monthly fee of $650 for access to their system. Being a privately held company, Modernizing Medicine does not disclose detailed financials as well. Back in 2013, it was trending at annual revenues of $20 million and were expected to turn profitable during the year. Earlier this month, Dan revealed that they were targeting revenues of $100 million by next year.

Modernizing Medicine may not have yet knocked on the doors of the Billion Dollar Unicorn club, but with stipulations like those of the Affordable Healthcare Act in place, I believe that the healthcare industry will greatly benefit from the innovative solutions such as those offered by them. I am confident that they are the next Unicorn in the making, and given their strong fundamentals they will reach their deserved valuation, albeit without rushing to do so using unsavory tactics.

Earlier this month, Dan joined me at a 1M/1M Roundtable. You can listen to the recording here.